Auction giant Sotheby's (
) on Wednesday caught a big downgrade from analysts at Williams
The firm said it lowered its rating on BID from "Outperform" to
"Perform" with a $34.50 price target. That target suggests a nearly
7% downside to the stock's Tuesday closing price of $37.03.
Williams noted that weakening sales growth is cutting into BID's
margins and earnings, hence the downgrade.
Sotheby's shares posted modest gains in premarket trading
The Bottom Line
Shares of Sotheby's (
) have a .86% dividend yield, based on last night's closing stock
price of $37.03. The stock has technical support in the $30-$35
price area. If the shares can firm up, we see overhead resistance
around the $40 price level.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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